KB HOME — Director's Dealing 2011

Apr 11, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: KB HOME (KBH)
CIK: 0000795266
Period of Report: 2011-04-07

Reporting Person: JOHNSON ROBERT L (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-04-07	Non-Qualified Stock Option (Right to Buy)	$11.82	A	13755	Acquired	2021-04-07	Common Stock (13755)	Direct
2011-04-07	Common Stock Unit	$0	A	6556	Acquired		Common Stock (6556)	Direct

Footnotes

F1: Annual award of common stock options under the Amended and Restated KB Home Non-Employee Directors Compensation Plan, which award is exempt under Rule 16b-3.

F2: Annual award of common stock units under the Amended and Restated KB Home Non-Employee Directors Compensation Plan and the reporting person's elections, which award is exempt under Rule 16b-3. Each stock unit vests one year from the date of grant and, per the reporting person's election, is to be paid out upon the reporting person's leaving the registrant's Board of Directors.